In February, U.S. home prices saw a modest 0.6% increase, reminiscent of pre-pandemic trends. However, the current landscape differs significantly from before. Sellers find themselves dissatisfied with offers, while buyers grapple with rising prices and mortgage rates. The market is constrained by reduced transactions, driven partly by higher mortgage rates around 6% and a limited housing supply. Despite these challenges, the new-home market shows slight resilience amidst the tight existing home inventory.
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